Posted on July 22, 2018

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, recently received three awards at The Asset Triple A Islamic Finance Awards 2018 including Islamic Bank of the Year in Qatar. The awards are conferred by The Asset Magazine, a leading financial publication in Asia Pacific.

The award for the “Islamic Bank of the Year in Qatar” was presented to QIB for being the leading Islamic Bank in Qatar, reflecting QIB’s continuous efforts to develop its existing product suite and to also create innovative financial solutions to meet the ever-changing needs of its customers in Qatar. QIB was granted 2 additional awards in the category of Best Islamic Deal of the Year in Qatar – QIB’s US$750 million trust certificate issuance– for its role as a ‘Client’ for the first award, and as ‘Shariah Adviser’ for the second award.

Commenting on the award, QIB’s Group CEO Bassel Gamal stated: “We are humbled by the recognition from international institutions of our hard work and continuous commitment to improve the banking experience. The prestigious award is another acknowledgement of our efforts to implement a successful business strategy in providing Shariah compliant banking services to all of our clients.”

The Asset Triple A Islamic Finance Awards are considered one of the most prestigious awards in Asia, as Islamic banking is quickly growing to be one of the most promising niches in global finance. Through a rigorous, selective approach, the awards are built upon stringent methodology along with a benchmark research team whose surveys provide accurate quantitative and qualitative data on management decisions.     

In the first half of 2018 the Bank achieved a net profit of QAR 1,325.3 million, representing a growth of 13.8 percent over the first half of 2017. Total assets of the Bank have increased by 1.4 percent compared to December of 2017, now standing at QAR 152.5bn, while financing activities have reached QAR 100.3bn. Total income for the first half of this year reached QAR 3,368 million, registering 7 percent growth compared to QAR 3,146 Million for the first half of 2017, reflecting healthy growth in the Bank’s core operating activities.

Moody’s affirmed QIB ratings

Moody’s Investors Service (Moody’s), have recently affirmed QIB’s deposit ratings to A1 with a “stable” oulook . These  reflect  the bank's adequate capital buffers, good profitability and limited market funding reliance, underpinned by its established and growing retail and corporate Islamic banking franchise and the bank's rapid growth in recent years. This outlook confirms the resilience of the banking industry which has adopted to the current situation and has overcome challenges with the support from the government.

Founded in 1982, QIB had positioned itself as the leading Islamic bank in Qatar, and the region.  It has showed strong growth protentional over the past couple of years, this came with a series of critical approaches either from technological or innovation. The success of QIB is proven by the different international recognitions from different polls of the globe.